Interim Report – January to March 2016

2016-05-20

Affibody Medical AB (publ) (“Affibody” or “the Company”), a Swedish biotech company focused on developing next generation biopharmaceuticals based on its unique proprietary technology platforms: Affibody® molecules and Albumod™, today issued its Interim Report for the first quarter 2016.

Financial Highlights

Revenue for the first quarter 2016 was SEK 20.9 (18.9) million

Operating result for the period amounted to SEK -114 (2.8) million

EBITDA for the period amounted to SEK -10.9 (2.8) million

Net result for the period amounted to SEK -11.7 (2.9) million

Cash flow for the period was SEK 20.2 (-6.0) million

Cash and cash equivalents at the end of the period amounted to SEK 27.3 (29.9) m. Considering changes in payment terms, the comparable number in 2016 was SEK 39.1 m.

Significant events during the quarter

Extra General Meeting (EGM) held on March 14, resolved to initiate a SEK 129 m rights issue.

Significant events after the end of the reporting period

On May 4, 2016 the dose-escalation part of a Phase I study of ABY-035, which is the company’s proprietary psoriasis program , was completed and that initial results confirm the compound to be safe and well-tolerated across all doses in healthy volunteers.

On April 22, 2016 Sobi signed a licensing agreement for the development of novel treatments for inflammatory diseases where interleukin-1 (IL-1) is involved, based on Affibody’s proprietary technology.

On April 13, 2016 we signed a Feasibility Study and Product Option Agreement with an unnamed partner related to the therapeutic use of our proprietary cancer targeting Affibody® molecules.

On April 12, 2016 we signed a Research License and Product Option Agreement with an unnamed partner related to the therapeutic use of our proprietary IL-17 targeting Affibody® molecules in ophthalmology indications.

The rights issue of shares, resolved at the EGM on March 14, 2016 was fully subscribed for, resulting in the issuance of 2 750 787 shares with corresponding gross proceeds of SEK 129 286 989.

Affibody is a Swedish biotech company focused on developing next generation biopharmaceuticals based on its unique proprietary technology platforms: Affibody® molecules and Albumod™.

Affibody is developing a portfolio of innovative drug projects and, in addition, offers the half-life extension technology, Albumod™, for outlicensing.

The company is currently developing four proprietary programs. The first three are therapeutic programs that targets prevention of Alzheimer’s disease, autoimmune diseases, and psoriasis respectively. The fourth program is a diagnostic imaging program that is directed primarily towards metastatic breast cancer.